IHG, the British multinational hotels company has got itself a Christmas gift by purchasing Kimpton Hotels & Restaurants. Roping in the world’s largest independent boutique hotel operator will empower InterContinental Hotels Group to become the world’s largest boutique hotel business. IHG has paid a price of $430 million to bag Kimpton as well as the new status.
Once the deal finalizes in the first quarter of 2015, IHG will manage over 200 hotels worldwide with plans to expand the newly acquired the Kimpton brand. As of now, Kimpton is the world’s largest independent boutique hotel operator, with 62 hotels in the U.S.
More popular in North America and the United Kingdom, a boutique hotel is defined as a hotel which has typically between 10 to 100 rooms and boasting of a characteristic personal feeling and invigorating ambiance. Encashing on the growth of the boutique hotel segment, IHG has moved towards expansion with the purchase of Kimpton and hopes to enhance its current brand portfolio with Kimpton’s expertise in the dining and design spaces.
Speaking of merging the culture and values of both companies, Richard Solomons, CEO of IHG, commented, “The hugely talented Kimpton team will continue to be led by Mike DeFrino, currently Kimpton’s COO, and I am delighted to welcome all of Kimpton’s associates and owners to the IHG family.”